The USDCAD is in the process of completing an inverse head and shoulders formation on the daily charts . Prices are seen venturing towards 1.3410 in the medium term only if 1.3200 proves as a reliable support level . A failure for prices to keep above the 1.3200 invalidates this bullish setup and opens a back towards 1.3140. In regards to the technical lagging indicators, the MACD trades to the upside while prices are comfortably above the daily 20 simple moving average . An intraday break above 1.3340 is likely to act as the first confirmation for further upside.